The company said software growth came primarily from sales for Acumatica and bodes well for future services revenue. In its earnings announcement, SilverSun said regarding services revenue: “the decrease is mainly attributed to lower consulting, primarily as a result of having to train new but inexperienced employees, who were hired to accommodate our growth as well as a decrease in maintenance revenues." SilverSun lost $40,646 for the most recently ended quarter, a swing from earnings of $354,679 a year ago. Net bottom line was affected by stock-based compensation of $45,945, compared to $922 in the same category in the first quarter 2021. Revenue rose 1.3 percent to slightly more than $11 million from $10.9 million in last year’s corresponding period. Product sales for the quartered totaled $2.6 million, compared to slighty more than $2 million a year ago. Services revenue was $8.4 million, down from $8.9 million a year earlier
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SERVICES REV DROP DENTS SILVERSUN 1Q Featured
SilverSun Technologies, parent of reseller SWK Technologies, saw 30.3-percent increase in product sales offset by a 5.2-percent drop in services revenue for the first quarter ended March 31.